Could other Gulf countries follow #Oman's income tax lead? - Arabianbusiness

Could other Gulf countries follow Oman's income tax lead? - Arabianbusiness

Other countries across the GCC could follow Oman’s lead in introducing some form of income tax although they may wait to see how the measures impact the sultanate, according to a leading economic expert.

Oman announced on Monday plans to start taxing the income of wealthy individuals from 2022.

The move by the cash-strapped sultanate is part of measures designed to tackle a budget deficit that’s ballooned due to low oil prices and the coronavirus pandemic.

Scott Livermore, ICAEW economic advisor and chief economist at Oxford Economics, told Arabian Business: “It would be highly surprising if other GCC economies weren’t discussing ways of diversifying their tax base, including looking at personal and corporate income tax. Other GCC countries have a bit more breathing space and are likely to see the impact of Oman implementing the tax.”